Lafayette Morrison Houses @ Lafayette Estates

28. Amendment 28 FEBRUARY___, 2026

    The amendment updates the unsold share figures held by The Park Central I LLC, sets the closing fee and current maintenance charge, adds the 2024 financial statement and 2026 budget for information, and updates the FinCEN disclosure.

    • Current monthly maintenance charge is $1.10 per share
    • Unsold share price remains $800.00 per share
    • Closing fee is $1,400.00
    • Aggregate monthly maintenance for unsold apartments is $468.864.00
    • Aggregate monthly rents from unsold apartments is $597,335.11
    • 2024 financial statement added as Exhibit C, for information only
    • 2026 proposed budget added as Exhibit D, for information only
    • FinCEN disclosure updated; the 10/10/25 Revised Order extended through February 28, 2026

27. Amendment 27 SEPTEMBER ___, 2024

    The amendment raises the price of the remaining unsold shares to $800.00 per share, reports the holder's unsold-share finances and a 2023 mortgage refinance, and updates the board, maintenance charge, and attached financial statements and budget.

    • Price per unsold share increased to $800.00
    • SW Park 3 LLC no longer holds any unsold shares; it sold all of them after the 26th Amendment
    • Aggregate monthly maintenance on unsold apartments held by The Park Central I LLC is $436,040.00
    • Aggregate monthly rents from tenants of unsold apartments are $568,853.70
    • Apartment Corporation refinanced its Webster Bank mortgage on July 25, 2023, borrowing an extra $1,500,000 for an outstanding principal of $8,301,375.71
    • Current monthly maintenance is $1.00 per share
    • Board lists seven directors, three of whom represent the holder of unsold shares
    • Attached 2023 financial statements and 2024 budget are provided for information only

26. Amendment 26 JUNE , 2023

    This amendment raises the price of unsold shares to $800.00 per share, raises the monthly maintenance to $1.00 per share, and updates the unsold-share financial disclosures, financial statement, 2023 budget, and board list.

    • Price per share for Unsold Shares increased to $800.00 per share
    • Current monthly maintenance increased to $1.00 per share
    • Aggregate monthly maintenance for unsold apartments: The Park Central I LLC $440,365.00; SW Park 3 LLC $804.00
    • Aggregate monthly tenant rents on unsold apartments: The Park Central I LLC $543,624.69; SW Park 3 LLC $-0-
    • Financial Statement for year ended December 31, 2021 attached as Exhibit C; 2022 Financial Statement not yet available
    • Apartment Corporation budget for 2023 attached as Exhibit D
    • Board of Directors list updated: Virghinia Almonte*, Saul Friedman*, Sheila Henry, Yvette Mayo, John Ruiz, David Spira*, Linda Thompson (*Holders of Unsold Shares representatives); control relinquished February 12, 2014
    • Exhibit A lists unsold shares and holders; Exhibit B lists other properties in which Holders of Unsold Shares or their principals own more than 10%

25. Amendment 25 DECEMBER ___, 2021

    The amendment updates the financial disclosures for unsold shares held by The Park Central I LLC and SW Park 3 LLC, adds 2019 and 2020 financial statements and the 2021 budget, lists current board members, and restates maintenance and transfer-tax information for buyers.

    • Aggregate monthly maintenance on unsold apartments: The Park Central I LLC $382,801.55; SW Park 3 LLC $1,393.41
    • Aggregate monthly rents from tenants of unsold apartments: The Park Central I LLC $491,056.91; SW Park 3 LLC $2,200.00
    • Unsold share price remains $600.00 per share
    • Current monthly maintenance charge is $0.845 per share
    • Purchasers of unsold apartments must pay NYC and NYS transfer taxes; NYC transfer tax 1.00% for units of $500,000 or less, 1.425% if over $500,000; NYS documentary stamp tax $2.00 per $500.00 (or part thereof)
    • 2019 and 2020 financial statements added (informational only)
    • 2021 budget added (informational only)
    • Current board officers and directors listed; control relinquished by prior holders on February 12, 2014

24. Amendment 24 NOVEMBER ___, 2020

    This amendment discloses a 2019 transfer of unsold shares to The Park Central I LLC, an increased and revised Sterling National Bank share loan, a new $7,000,000 Apartment Corporation mortgage, the April 7, 2020 purchase of two parking lots, and closing-cost tax information that may be outdated.

    • Unsold shares interest transferred to The Park Central I LLC on August 15, 2019; E&M Lafayette Apartments LLC no longer has an interest
    • 23 Vacant Apartments moved to SW Park 3 LLC; 16 of the 23 have been sold as of this Amendment
    • Unsold Share Loan with Sterling National Bank revised to a new principal amount of $22,642,180.94, up from the original $18,000,000
    • Revised loan payments of $101,673.51 monthly at 3.5% per annum; maturity remains June 30, 2022
    • New $7,000,000 first mortgage for the Apartment Corporation with Sterling National Bank dated December 10, 2019; interest-only payments of $21,722.01 at 3.62% from February 1, 2020, amortizing from February 1, 2022, maturing January 1, 2027
    • Two parking lots purchased April 7, 2020 for shareholder and resident parking on a fee basis
    • Closing cost and transfer tax projections may be inaccurate due to New York State tax changes effective July 1, 2019
    • Price per unsold share remains $600.00

23. Amendment 23

    This twenty-third amendment updates the Plan for the 608 shares of unsold units Morrison LLC still holds (apartment 16M at 825 Morrison Avenue), extends the Plan's term for those units by twelve months, and discloses Morrison LLC's board status, maintenance payments, and finances.

    • Plan term for Morrison LLC's unit 16M at 825 Morrison Avenue (608 shares) extended twelve months from the amendment date
    • Morrison LLC relinquished Board of Directors control as of February 25, 2013 and holds no Board seats
    • Aggregate monthly maintenance for Morrison LLC Unsold Shares is $494.00, and Morrison LLC is current on maintenance
    • Aggregate monthly rent from tenants of Morrison LLC Unsold Shares is $0
    • Morrison LLC Unsold Shares are not pledged as collateral or security for financing
    • Financial statements for 2018 or 2019 have not been provided to the Holder of Unsold Shares
    • Morrison LLC funds its payment obligations through sale of Morrison LLC Unsold Shares and equity
    • No other material changes to the Plan

22. Amendment 22 APRIL , 2019

    The amendment updates the financial data on the holder's unsold shares and their Sterling National Bank loan, provides the 2017 financial statement and proposed 2019 budget, lists current board members, restates the maintenance charge, and adds a smoking policy effective June 1, 2018.

    • Unsold share list attached as Exhibit A; price per share remains $600.00
    • Aggregate monthly maintenance charges for unsold apartments: $399,788.00; aggregate monthly rents received: $523,431.00
    • Sterling National Bank loan to holders of unsold shares: monthly payments approximately $71,441.28 at 3.50%, maturity July 1, 2022, outstanding balance approximately $15,095,570.11
    • Financial statement for year ended December 31, 2017 provided; 2018 financial statement not yet available
    • Proposed 2019 budget provided as Exhibit D
    • Current monthly maintenance charge stated as $0.8125 per share
    • Board officers and directors listed; holder of unsold shares relinquished board control on February 12, 2014
    • Smoking policy effective June 1, 2018 prohibits smoking and electronic cigarettes in common areas

21. Amendment 21

    This Twenty-First Amendment extends the plan's term 12 months for the one unsold apartment Morrison LLC still holds, updates that holder's principal and financial disclosures, adds a smoking policy, and adds a FinCEN cash-purchase disclosure.

    • Plan term extended twelve (12) months from the date of this Amendment for Morrison LLC's unsold apartment (Unit 16M, 825 Morrison Avenue, 608 shares)
    • Keith Kooper added as principal of Morrison LLC; James H. Simmons III removed
    • Morrison LLC relinquished Board control as of February 25, 2013, and holds no Board seats
    • Aggregate monthly maintenance for Morrison LLC Unsold Shares is $494.00
    • Morrison LLC's unsold shares are not pledged as collateral and are not security for financing
    • Smoking and using electronic cigarettes prohibited in common areas; permitted inside dwelling units
    • FinCEN Geographic Targeting Order disclosed: covered cash purchases over $300,000.00 in Manhattan, Brooklyn, Queens, Bronx and Staten Island; effective November 17, 2018
    • Financial statements for 2017 have not been provided to the Holder of Unsold Shares

20. Amendment 20 APRIL , 2018

    The amendment raises the price of unsold shares to $600.00 per share, replaces the basic Contract of Sale, and adds updated disclosures on unsold-share loans, maintenance charges, FinCEN reporting, and federal tax changes.

    • Price per unsold share increased to $600.00
    • Unsold shares held by The Park Central I LLC and E&M Lafayette Apartments LLC listed in Exhibit A with offering prices
    • Unsold shares' loan refinanced June 22, 2017 with Sterling National Bank; initial principal $18,000,000.00; maturity date July 1, 2022; interest rate 3.50%
    • Current monthly maintenance charge stated as $0.8125 per share
    • Basic Contract of Sale replaced by revised Contract of Sale (Exhibit E)
    • FinCEN reporting requirement effective September 22, 2017 for certain residential purchases; order effective until March 20, 2018, subject to change
    • Warning that tax information in the plan may be inaccurate because of the Tax Cuts and Jobs Act of 2017, effective January 1, 2018
    • 2016 Financial Statement and proposed 2018 budget provided for information only

19. Amendment 19

    Morrison LLC keeps two unsold apartments in the plan, extends the plan's offering term by twelve months for those apartments, and updates its financial disclosures, with no other material changes.

    • Morrison LLC retains unsold shares for 2 units: 16M and 19A at 825 Morrison Avenue (1216 Shares total)
    • Morrison LLC relinquished control of the Board of Directors as of February 25, 2013
    • Plan term extended for twelve (12) months from the date of this Amendment for those apartments
    • Aggregate monthly maintenance for Morrison LLC Unsold Shares is $988.00
    • Aggregate monthly rents from tenants of Morrison LLC Unsold Shares is $0
    • Morrison LLC is current on maintenance and all financial obligations to the cooperative
    • No Morrison LLC Unsold Shares are pledged as collateral for loans or financing
    • No other material changes to the Plan

18. Amendment 18 MAY ,2017

    This amendment updates the sales-status and financial disclosures for the unsold shares held by The Park Central I LLC and E&M Lafayette Apartments LLC, attaches the 2015 financial statement and 2017 proposed budget, lists the current board, sets the current maintenance charge, and adds a FinCEN reporting requirement for certain purchases.

    • Unsold shares held by The Park Central I LLC and E&M Lafayette Apartments LLC are listed in Exhibit A
    • Aggregate monthly maintenance charges for unsold apartments: $400,801.31; aggregate monthly rents received: $534,545.94
    • M&T Bank loan to Holders of Unsold Shares: $7,417,944.73 currently owed of an initial $20,500,000; maturity on or about March 1, 2018
    • Current monthly maintenance charge is $0.77917 per share
    • Apartment Corporation's 2015 Financial Statement attached as Exhibit B; 2016 statement not yet available
    • Proposed 2017 budget attached as Exhibit C
    • Board of directors listed; Holder of Unsold Shares relinquished control on February 12, 2014
    • FinCEN reporting requirement effective August 28, 2016, through August 22, 2017, subject to change

17. Amendment 17

    This amendment records that Morrison LLC keeps the unsold shares for listed apartments in Exhibit A, which it may offer for sale for 12 more months, and updates required information for those apartments only.

    • Morrison LLC retains unsold shares for apartments 16M and 19A at 825 Morrison Avenue and 9E and 19L at 875 Morrison Avenue (Exhibit A)
    • Morrison LLC unsold shares are less than ten percent (10%) of aggregate shares
    • Plan term extended for twelve (12) months from the date of this Amendment for Exhibit A apartments held and offered by Morrison LLC
    • Morrison LLC is current in its maintenance obligations as of the date of this Amendment
    • No material changes relating to Morrison LLC unsold shares, such as maintenance increases or decreases or material increases in labor, utilities or real estate taxes

16. Amendment 16

    This amendment raises the closing fee purchasers pay to $1,000, extends the Plan's effective period for twelve months, and updates the unsold-share financial disclosure, the 2016 budget, and the 2014 audited financial statement.

    • Closing fee payable by Purchasers increased from $500 to $1,000
    • Plan's effective period extended for twelve (12) months following the acceptance date of the Amendment, unless otherwise extended or amended
    • As of April 1, 2016, T.I.C. Unsold Apartments have aggregate monthly maintenance charges of $411,189.94 and aggregate monthly rental income of $560,597.10
    • As of April 1, 2016, Park Central Unsold Apartment (2B, 880 Boynton Avenue) has monthly maintenance charges of $626.45 and is vacant
    • M&T Bank loan to Park Central and E&M Lafayette Apartments LLC: principal of $17,129,807.44 currently owed, maturity on or about March 1, 2018
    • Operating budget for the year beginning January 1, 2016 annexed as Exhibit C
    • Audited financial statement for year ended December 31, 2014 annexed as Exhibit B; 2015 financial statement not yet completed

15. Amendment 15 July 1, 2015

    This amendment updates the sponsor's unsold-share financial figures as of May 1, 2015, including its loan status, reports a change in board control, adds the 2015 operating budget, and extends the plan's effective period for twelve months.

    • Monthly maintenance charges as of May 1, 2015: $412,354.02 for T.I.C. Unsold Apartments and $2,601.65 for Park Central Unsold Apartments
    • Monthly rental income as of May 1, 2015: $559,559.40 for T.I.C. Unsold Apartments and $7,400.00 for Park Central Unsold Apartments
    • M&T Bank loan: $18,948,045 principal currently owed, monthly principal and interest of approximately $97,913.91, maturity on or about March 1, 2018
    • Holders of Unsold Shares relinquished control of the Board of Directors on February 12, 2014; current board members are listed
    • 2015 operating budget for the apartment corporation added as Exhibit "C"
    • Financial statement for the year ended December 31, 2014 not yet completed; prospective purchasers should request it once available
    • Plan effective period extended for twelve (12) months following the Filing Date of the Amendment
    • Exhibits A and B list the apartments and share counts held by Park Central and E&M Lafayette Apartments LLC

14. Amendment 14 June 10, 2015

    Morrison LLC keeps five unsold apartments listed in Exhibit A, the amendment updates the Board roster and financial disclosures for those units, and the Plan term is extended 12 months for them.

    • Morrison LLC retains 5 unsold units (16M and 19A at 825 Morrison Avenue, 9E and 19L at 875 Morrison Avenue, 2J at 880 Boynton Avenue), totaling 3,781 shares
    • Plan term extended twelve (12) months from the date of this Amendment for the Morrison LLC unsold apartments
    • Board members listed as David Spira and Saul Friedman (tied to the unsold-share holder), plus Linda Thompson, Yvette Mayo, Barbara Rosser and Margery Santoni (unaffiliated)
    • Morrison LLC states it is current in its maintenance obligations
    • Morrison LLC states there have been no material changes in maintenance charges or in expenses such as labor, utilities and real estate taxes for its unsold shares
    • Morrison LLC unsold shares account for less than ten percent (10%) of aggregate shares

13. Amendment 13 July 1, 2014

    This amendment changes the escrow agent for purchaser down payments, updates the sponsor's unsold-share ownership, debt and financial disclosures, names a new managing agent and board roster, and attaches the 2014 budget and audited financial statements.

    • Sadis & Goldberg LLP becomes escrow agent for down payments on T.I.C. Unsold Apartments; Norris McLaughlin & Marcus, PA continues for Park Central Unsold Apartments
    • "Trust Funds" and "Duties of Escrow Agent" sections of the Procedure to Purchase replaced
    • Attorney General no longer adjudicates deposit disputes, for purchasers without a fully executed Purchase Agreement before this amendment was served
    • Park Central acquired unsold shares on February 22, 2013 from Morrison LLC; T.I.C. Apartments conveyed October 29, 2013
    • M&T Bank loan disclosed: $20,286,835.99 currently owed; monthly payments $97,913.91; maturity on or about March 1, 2018
    • E&M Bronx Associates LLC named managing agent
    • Board of Directors roster listed, with five members affiliated with the Holders of Unsold Shares and three unaffiliated
    • 2014 Budget (Exhibit F) and audited financial statements for 2012 and 2013 (Exhibit E) annexed

12. Amendment 12

    This amendment reports that Park Central I LLC acquired shares allocated to apartments from Morrison LLC, lists the current board, updates Morrison LLC's financial status, notes unfinished financial statements and budget, and replaces the plan's escrow provisions.

    • Park Central I LLC acquired apartment-allocated shares from Morrison LLC on February 22, 2013; Morrison LLC keeps the unsold shares listed in Exhibit A
    • Escrow provisions replaced: Holland & Knight LLP serves as escrow agent, and deposits go to a Bank of America, NA escrow account earning 0.2% currently
    • Purchasers who receive no escrow deposit notice within fifteen business days may cancel within ninety days of tendering the Purchase Agreement
    • The Parking Central LLC acquired the Flatlands Parcel on February 22, 2013
    • Board of Directors listed as six members, none affiliated with Morrison LLC
    • Morrison LLC's monthly maintenance obligation is $5,364.38 as of March 1, 2014, and it is current
    • Audited financial statements for the year ended December 2012 have not yet been prepared
    • The 2013 Budget is being prepared, and Building staff in the 2012 Budget may be reduced

11. Amendment 11 May 14,2012

    This amendment names a new escrow agent and revises the purchase agreement to match, reports updated sales and sponsor financial information as of May 2012, elects a new Board of Directors, updates the 2012 budget and 2011 financial statements, and extends the plan for twelve months.

    • New escrow agent designated: Norris Mclaughlin & Marcus, PA, with deposits held at Bank of America
    • Revised Purchase Agreement attached (Exhibit F) to reflect the new escrow agent
    • Plan term extended for twelve (12) months from the date of this Amendment
    • As of May 1, 2012, 219 Apartments have closed and 521,576 Shares remain unsold; Exhibit A lists Unsold Apartments with their Shares and Maintenance Charges
    • Unsold Shares pledged to Wells Fargo Bank, N.A. as Trustee; loan balance approximately $9,837,801.00 as of May 9, 2012, next maturity July 9, 2012, final maturity January 9, 2013 if all extensions are exercised
    • Sponsor's monthly rental income from Unsold Apartments as of May 2012: $515,320.35; Sponsor's monthly Maintenance Charges obligation as of May 1, 2012: $476,341
    • Board of Directors elected: James H. Simmons, III, Jarred Whitaker, Tommy Souannavong, Kolie Forest, Yvette Mayo, Barbara Rosser and Linda Thompson; Sponsor controls the Board until the sale of 50% of Shares or five years from the Conversion Date
    • 2012 Apartment Corporation budget (Exhibit B) with Certification of Adequacy (Exhibit C) and 2011 Financial Statements (Exhibit D) added

10. Amendment 10 April 14, 2011

    This amendment elects a new Board of Directors, updates sales and sponsor financial information, attaches a 2011 budget and 2009 financial statements, adds a revised purchase agreement with lower mortgage-commitment conditions, and extends the Plan's term by twelve months.

    • Plan term extended for twelve (12) months from April 14, 2011
    • Revised Purchase Agreement (Exhibit E): tenants may condition purchase on a Commitment for 95% of the Purchase Price; Non-Tenant Purchasers for 90%
    • Board of Directors elected: James Simmons, Jarrod Whitaker, Tommy Souannavong, Kolie Forest, Yvette Mayo, Barbara Rosser, Connie Questell
    • As of February 7, 2011, 185 Apartments closed and 578,830 Shares remain unsold
    • Sponsor's unsold Shares pledged to Wells Fargo Bank, N.A., as Trustee; loan balance approximately $16,650,464.73 as of February 7, 2011, next maturing July 9, 2011, finally January 9, 2013 if all extensions are exercised
    • Sponsor's monthly rental income from Unsold Apartments was $511,013.22 as of February 7, 2011; Sponsor's February 2011 Maintenance Charges obligation was $510,219.36
    • 2011 budget attached (Exhibit B), certified by Orsid Realty Corp. (Exhibit C); 2009 financial statements attached (Exhibit D)
    • Sponsor controls the Board until the earlier of sale of 50% of the Shares or five years from the Conversion Date

9. Amendment 9 September 20, 2010

   This ninth amendment elects a new Board of Directors, reports sales and sponsor financial figures as of mid-2010, extends the Plan's term by twelve months, and attaches a unit price and charge schedule for 820 Boynton Avenue.

   • Plan term extended for twelve (12) months from the date of this Amendment
   • Board elected: James Simmons, Jarrod Whitaker, Tommy Souannavong and Kolie Forest (Sponsor-affiliated); Yvette Mayo, Barbara Rosser and Connie Questell (resident Tenant-Shareholders)
   • Sponsor controls the Board until the first of (a) sale of 50% of the Shares or (b) five years from the Conversion Date
   • As of July 19, 2010, purchasers under contracts covering 168 Apartments have closed; 592,610 Shares remain unsold
   • Unsold Shares pledged to Wells Fargo Bank, N.A., as Trustee, with an approximate principal of $19,697,731 as of July 9, 2010
   • Sponsor's loan next matures January 9, 2011; if all extension options are exercised, final maturity is January 9, 2013
   • Sponsor's monthly rental income from Unsold Apartments as of June 30, 2010 was $518,271.46
   • Exhibit A Schedule A-1 lists unit allocations, maintenance charges and prices for 820 Boynton Avenue for 11/01/2009 to 10/31/2010

8. Amendment 8 July 27, 2010

   This amendment sets new purchase prices for apartments occupied by eligible or qualifying tenants, while prices for non-tenant purchasers stay unchanged.

   • Purchase price for one-bedroom apartments leased to and occupied by eligible or qualifying tenants set at $75,000
   • Purchase price for two-bedroom apartments leased to and occupied by eligible or qualifying tenants set at $110,000
   • Purchase price for three-bedroom apartments leased to and occupied by eligible or qualifying tenants set at $125,000
   • Purchase prices for non-tenant purchasers remain unchanged
   • All purchase prices remain subject to further change under the terms of the Plan

7. Amendment 7 February 8, 2010

   This amendment lets existing tenant purchasers close by June 30, 2010, extends their loan application and contingency deadlines, and sets default and cancellation terms if they do not close or obtain financing.

   • Existing tenant purchasers may close on or before June 30, 2010
   • Deadline to apply to a Lender for a Commitment extended to thirty (30) days from presentation of this Amendment
   • Contingency Deadline extended to sixty-five (65) days from presentation of this Amendment
   • Purchasers who fail to obtain a Commitment by the New Contingency Deadline must apply to a second Lender
   • Purchasers may cancel if both Lenders refuse, with notice given within five (5) days after the Second 45 Day Period
   • Purchasers who fail to provide letters from two Lenders refusing a Commitment within 120 days of the Presentation Date cannot condition their purchase on obtaining a loan
   • Failure to close by June 30, 2010 becomes an Event of Default, with thirty (30) days' prior written notice and cure period before Sponsor may retain the Liquidated Sum and resell

6. Amendment 6 October __, 2009

   This Sixth Amendment cuts the down payment for qualified tenant purchasers who sign by December 31, 2009, updates the 2009-2010 budget and maintenance charges, changes the managing agent, and adds financial and board information.

   • Down payment for Qualified Tenant Purchasers who sign by December 31, 2009 for their occupied Apartment reduced to $1,000; tenants who signed before this Amendment are excluded
   • Down payment for other tenants, or tenants buying after December 31, 2009, set at 2.5% of Purchase Price; non-tenant purchasers at 10%
   • Budget for November 1, 2009 to October 31, 2010 adopted; Maintenance Charges reduced to $9.6227 per share
   • Maintenance Charges for Sponsor's Unsold Apartments reduced (see Exhibit B)
   • New managing agent CG Lafayette Management Corp, an affiliate of Sponsor, with a two-year agreement at an initial annual fee of $300,000, increasing 3% per year from the second year
   • Budgeted management amount is $425,000
   • As of October 20, 2009, purchasers under contracts for 120 Apartments have closed
   • Board of Directors membership listed; Sponsor controls the Board until the earlier of sale of 50% of Shares or five years from the Conversion Date

5. Amendment 5 June 23, 2009

   This amendment names a new selling agent, adds a $1,000 referral fee and a three-month maintenance credit to attract new buyers, extends the tenant exclusive purchase period to December 31, 2009, and records a board election and deposit refunds.

   • Fillmore Real Estate named new Selling Agent for Unsold Apartments not subject to a Purchase Agreement as of October 31, 2008, replacing the Selling Agent in the Plan
   • $1,000 Referral Fee offered to Referring Tenant-Shareholders whose referred Qualified New Purchaser closes, limited to the first fifty (50) Qualified New Purchasers unless Sponsor consents
   • Sponsor to pay 50% of Maintenance Charges for three months for the first fifty (50) Qualified Resident New Purchasers who sign the Maintenance Charge Rider (Exhibit B)
   • Exclusive purchase period for Tenants in Occupancy extended until December 31, 2009
   • Sponsor refunded certain purchaser deposits from its own advanced funds; those Purchase Agreements are deemed cancelled
   • First Tenant-Shareholder meeting held February 25, 2009, electing a seven-member Board of Directors

2. Amendment 2 March 24, 2008

   The amendment lets new tenant-purchasers who sign a Purchase Agreement by April 15, 2008 pay a reduced down payment of the lesser of 2.5% of the Purchase Price or $1,500, while later buyers must pay the greater of $1,500 or 2.5%.

   • New tenant-purchasers signing by April 15, 2008 pay the lesser of 2.5% of the Purchase Price or $1,500 as down payment
   • Down payment for such buyers is never less than $1,000
   • Tenant-purchasers purchasing after April 15, 2008 must pay the greater of $1,500 or 2.5% of the Purchase Price
   • To qualify, buyers must complete the Income Verification Procedure and deliver the signed Purchase Agreement, down payment, IRS form W-9 (or W-8) and lead-based paint form to the sales office by April 15, 2008
   • Down payments already made by existing tenant-purchasers are unaffected
   • The reduced down payment does not apply to Non-Tenant Purchasers
   • No other material changes are made to the Plan

1. Amendment 1 January 10, 2008

   This amendment lowers the down payment to $1,000 for tenant-purchasers who sign by February 15, 2008, sets a 5% down payment for non-tenant purchasers, and requires the Lessor to notify Lenders of insurance cancellation notices.

   • Down payment reduced to $1,000 for New Tenant-Purchasers who sign a Purchase Agreement and pay by February 15, 2008
   • Tenant-Purchasers who buy after February 15, 2008 must pay the greater of $1,000 or two and one half percent of the Purchase Price
   • Existing Tenant-Purchasers who paid more than $1,000 may request return of the excess within fifteen (15) days, with the balance due at Closing increased by that amount
   • Non-Tenant Purchasers signing from the Presentation Date must pay a down payment of five percent (5%) of the Purchase Price
   • Proprietary Lease Paragraph 48(c) amended: Lessor must notify all Lenders within five (5) business days of any written notice of actual or threatened cancellation of property insurance
   • Exhibit A Release Amount Request Form added

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 26 of 28 amendments summarized so far.